Who’s buying the most homes in today’s real estate market? You might be surprised to know it’s millennials! Once holding out on buying a home because of the recession they went through in their early adulthood millennials have now found new confidence in the market. They are starting families of their own and are ready to make the leap into homeownership. So what do you need to know about the millennial homebuyer in order to sell your home? They are quite different than generation X and Baby Boomers. Their values, likes and dislikes might leave you feeling a little confused. Don’t worry, this great guide will have you well on your way to understanding the millennial homebuyer and help you make the best choices when selling to them!
Understanding The Millennial’s Financial Past
The millennial generation were told “go to college and you’ll get a great job” but what happened was not always the case. As you can guess, their school loans paired with the biggest recession in recent history was the perfect recipe for disaster. With debt piling up and a lack of jobs, many millennials had to move back home.
Selling Your Home to Millennials – What Are Millennial Buyers Looking For?
As a result millennials got married and had kids later than previous generations. Their first home might be their home well into middle age too. Therefore they are looking for move-in ready homes that are easy to maintain. Millennials don’t want to hassle with remodeling after they buy.
Millennials Care About The Community
They are a group of folks that cares deeply about the community you live in. In fact, the majority of millennials cited the quality of the neighborhood contributed as a major factor to buying a home. They support local businesses and causes. Millennials enjoy eating their dinner on a patio at a restaurant with their friends or spend time at a cool local music venue. Hanging out at a local brewery or coffee house. Hiring a professional real estate agent who understands how bring the neighborhood to them by having expert knowledge of all things local. Selling your neighborhood is in addition to the home itself.
Millennials Love Technology
Today 83% of households have at least one computer. However, we can’t forget about the smartphone. Even without a computer, a smartphone puts internet right at your fingertips. Considering that millennials grew up in the digital age, they have embraced how technology can help them search for homes.
- Millennials expect information fast and will quickly move on if they can’t find what they need.
- Millenials want high quality visuals on your home’s listing. This includes high resolution and aerial photos as well as video. They will only physically go look at homes that peak their interest online first. Failure to provide the best in your online listing and you have already lost your buyer before they show up!
- Millennial home buyers want smart homes. That means app controlled lights and door locks to HVAC and security systems.
Millennials Are The TV Generation
With shows about home design, home buying, house flipping, home renovation and DIY reality TV shows the millennial homebuyer has been moulded to think a certain way.
Millennial homebuyers won’t hesitate asking for a home with an infinity edge pool, a massive patio, gas fire pit, 60″+ TV and fully built in outdoor kitchen with stone countertops. Home TV shows spectacularize home ownership and make upscale renovations look simple. Not to mention sites like Pinterest and Houzz with beautiful homes and intricate details that most of us only dream about.
- Millennials want updated baths and kitchens with all the latest fixtures.
- Millennial homebuyers expect a home to be fully stage. Yes, now staging is expected!
- Millennials want the appearance of luxury. It doesn’t have to break the bank but it has to look the part.
Millennials Want To Be Social
Millennials care less about owning the home and more about how it compliments their social experiences. Millennials want to live full and exciting lives filled with interactions. Homes that can help them feel more connected to friends and family are going to be the big winners. Many millennials have seen their parents work hard, struggle and then lose everything. They know “things” can be lost but memories and experiences last forever. Millennials are known as the social media generation. They love that it allows them to connect with a variety of people and share more experiences.
- Millennials want move-in ready homes that are low maintenance. They would rather spend their time and money on experiences – like hosting big gatherings in their new home.
- Millennial homebuyers want less maintenance and that can mean smaller homes and lot sizes.
- Millennials want to be connected to their communities and enjoy living in cities or suburban areas.
- Millennial homebuyers want multi purpose living spaces to entertain. They can go without formal dining rooms but have to have open concept kitchen and living areas. Bonus for spaces that connect to outdoor living areas with decks and patios.
Overview: What The Millennial Homebuyer Wants
Although often confusing to advertisers, we now have some insight into what millennial homebuyers want. They have legitimate buying power and are ready to buy, don’t underestimate this generation! Want to sell your home to a millennial? First, present your home in the best possible way. This means clean your home well, and have it staged. Talk with your Realtor about any small fixes and upgrades that can be done to make your home more appealing to millennial homebuyers. Remember they crave the appearance of luxury and the idea of perfection. Second, remember millennial homebuyers are online shoppers. If you can’t capture their attention online, they won’t waste their time coming to see your home in person.
Is your home millennial ready?
Additional Home Selling Resources
How Millennials Are Changing the Real Estate Markets – Anita Clark
Millennials Prefer Single-Family Homes Too – via REALTORMag
5 Important Facts About Internet Marketing & Selling Your Home – Sharon Paxson
Best Real Estate Marketing Tips For Selling A Home – Bill Gassett
About the author: The above real estate article “Selling Your Home To Millennials “ was written by Petra Norris of Lakeland Real Estate Group, Inc. With over 20 years of combined experience of selling or buying, we would love to share our knowledge and expertise. Petra can be reached via email at firstname.lastname@example.org or by phone at 863-712-4207